PGJ vs. KSTR

Last updated Jun 24, 2026

PGJ (Invesco Golden Dragon China ETF) and KSTR (KraneShares SSE STAR Market 50 Index ETF) are both China Equities funds - PGJ tracks the Halter USX China Index while KSTR tracks the SSE Science and Technology Innovation Board 50 Index. Both are passively managed. Over the past 5 years, PGJ returned -15.22%/yr vs 1.10%/yr for KSTR. At a 0.45 correlation, their price movements are largely independent. PGJ charges 0.70%/yr vs 0.89%/yr for KSTR.

Performance

PGJ vs. KSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Golden Dragon China ETF (PGJ) and KraneShares SSE STAR Market 50 Index ETF (KSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGJ achieves a -20.19% return, which is significantly lower than KSTR's 47.82% return.

PGJ

• 1D: -0.56%
• 1M: -8.64%
• YTD: -20.19%
• 6M: -21.38%
• 1Y: -15.49%
• 3Y*: -0.89%
• 5Y*: -15.22%
• 10Y*: -0.09%

KSTR

• 1D: -2.34%
• 1M: 7.54%
• YTD: 47.82%
• 6M: 47.90%
• 1Y: 108.41%
• 3Y*: 23.01%
• 5Y*: 1.10%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PGJ vs. KSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PGJ Invesco Golden Dragon China ETF	-20.19%	13.66%	5.91%	-2.38%	-24.50%	-50.08%
KSTR KraneShares SSE STAR Market 50 Index ETF	47.82%	42.82%	6.12%	-17.93%	-38.51%	-2.01%

Correlation

The correlation between PGJ and KSTR is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021	0.45

The correlation between PGJ and KSTR has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

PGJ vs. KSTR - Sectors Allocation Comparison

Sectors	PGJ	KSTR
Consumer Cyclical	44.4%	0.9%
Communication Services	26.3%	-
Technology	11.4%	86.3%
Consumer Defensive	7.6%	-
Financial Services	3.9%	-
Real Estate	3.1%	-
Industrials	2.6%	6.6%
Energy	2.1%	0.9%
Healthcare	0.7%	5.7%
Basic Materials	-	0.6%
Utilities	-	-

Return for Risk

PGJ vs. KSTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PGJ

PGJ Risk / Return Rank: 4
PGJ Sharpe Ratio Rank: 4
PGJ Sortino Ratio Rank: 4
PGJ Omega Ratio Rank: 4
PGJ Calmar Ratio Rank: 5
PGJ Martin Ratio Rank: 4

KSTR

KSTR Risk / Return Rank: 86
KSTR Sharpe Ratio Rank: 91
KSTR Sortino Ratio Rank: 84
KSTR Omega Ratio Rank: 83
KSTR Calmar Ratio Rank: 93
KSTR Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PGJ vs. KSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Golden Dragon China ETF (PGJ) and KraneShares SSE STAR Market 50 Index ETF (KSTR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PGJ	KSTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	2.93	-3.56
Sortino ratio: Return per unit of downside risk	-0.80	3.49	-4.30
Omega ratio: Gain probability vs. loss probability	0.91	1.46	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.48	6.16	-6.64
Martin ratio: Return relative to average drawdown	-1.04	15.20	-16.24

PGJ vs. KSTR - Sharpe Ratio Comparison

The current PGJ Sharpe Ratio is -0.64, which is lower than the KSTR Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of PGJ and KSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PGJ vs. KSTR - Drawdown Comparison

The maximum PGJ drawdown since its inception was -78.37%, which is greater than KSTR's maximum drawdown of -66.46%. Use the drawdown chart below to compare losses from any high point for PGJ and KSTR.

Drawdown Indicators

	PGJ	KSTR	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	-66.46%	-11.91%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-17.70%	-14.39%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-41.55%	+9.46%
Max Drawdown (5Y) Largest decline over 5 years	-70.00%	-66.46%	-3.54%
Max Drawdown (10Y) Largest decline over 10 years	-78.37%	—	—
Current Drawdown Current decline from peak	-69.57%	-2.34%	-67.23%
Average Drawdown Average peak-to-trough decline	-31.82%	-38.47%	+6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.90%	7.16%	+7.74%

Volatility

PGJ vs. KSTR - Volatility Comparison

The current volatility for Invesco Golden Dragon China ETF (PGJ) is 6.43%, while KraneShares SSE STAR Market 50 Index ETF (KSTR) has a volatility of 16.10%. This indicates that PGJ experiences smaller price fluctuations and is considered to be less risky than KSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGJ	KSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	16.10%	-9.67%
Volatility (6M) Calculated over the trailing 6-month period	17.61%	28.62%	-11.01%
Volatility (1Y) Calculated over the trailing 1-year period	24.43%	37.27%	-12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.76%	38.60%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.71%	37.87%	-1.16%

PGJ vs. KSTR - Expense Ratio Comparison

PGJ has a 0.70% expense ratio, which is lower than KSTR's 0.89% expense ratio.

Dividends

PGJ vs. KSTR - Dividend Comparison

PGJ's dividend yield for the trailing twelve months is around 3.34%, while KSTR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSTR KraneShares SSE STAR Market 50 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PGJ Invesco Golden Dragon China ETF	3.34%	3.38%	4.70%	2.50%	0.84%	0.00%	0.30%	0.17%	0.31%	2.05%	1.94%	0.37%

Frequently Asked Questions

Can I hold both PGJ and KSTR in my portfolio?

PGJ and KSTR have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGJ or KSTR?

KSTR has higher volatility (16.10%) compared to PGJ (6.43%). In terms of maximum drawdown, PGJ dropped -78.37% vs KSTR's -66.46%.

Which ETF is better, PGJ or KSTR?

On 5-year performance, KSTR leads with 1.10% vs -15.22% for PGJ. On fees, PGJ is cheaper at 0.70% per year. On volatility, PGJ has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGJ or KSTR?

Over the 5-year period, KSTR has performed better with a 1.10% return vs -15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGJ or KSTR?

PGJ is cheaper with a 0.70% expense ratio, compared with 0.89% for KSTR.

Which ETF pays a higher dividend yield, PGJ or KSTR?

PGJ has the higher dividend yield at 3.34%, compared with 0.00% for KSTR.

What is the main difference between PGJ and KSTR?

PGJ tracks Halter USX China Index, while KSTR tracks SSE Science and Technology Innovation Board 50 Index. They also come from different issuers: Invesco and KraneShares. Their fees differ too: 0.70% for PGJ and 0.89% for KSTR.

Which has better risk-adjusted returns?

KSTR currently has the higher Sharpe Ratio (2.93 vs -0.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.